US ENERGY CORP. Announces Board Changes and Officer Compensation Details
Ticker: USEG · Form: 8-K · Filed: Mar 21, 2024 · CIK: 101594
| Field | Detail |
|---|---|
| Company | US Energy Corp (USEG) |
| Form Type | 8-K |
| Filed Date | Mar 21, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $2.00, $5.0 million, $4.2 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
US ENERGY CORP. shakes up its board and details exec pay.
AI Summary
US ENERGY CORP. announced on March 19, 2024, a change in its board of directors, including the departure of director John D. Wilson and the appointment of new directors. The company also disclosed information regarding compensatory arrangements for its officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance matters like director changes and compensation, which typically carry lower immediate risk.
Key Players & Entities
- US ENERGY CORP. (company) — Registrant
- John D. Wilson (person) — Departing Director
- March 19, 2024 (date) — Date of earliest event reported
FAQ
Who are the newly appointed directors to the US ENERGY CORP. board?
The filing indicates the appointment of new directors but does not name them in the provided text.
What is the reason for John D. Wilson's departure from the board?
The filing states John D. Wilson's departure but does not specify the reason.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 19, 2024.
What specific compensatory arrangements for officers are detailed?
The filing mentions compensatory arrangements of certain officers but does not provide specific details in the provided text.
What is the principal executive office address for US ENERGY CORP.?
The principal executive offices are located at 1616 S. Voss, Suite 725, Houston, Texas 77057.
Filing Stats: 1,285 words · 5 min read · ~4 pages · Grade level 9.6 · Accepted 2024-03-21 07:00:12
Key Financial Figures
- $0.01 — nge on which registered Common Stock , $0.01 par value USEG The NASDAQ Stock Mar
- $2.00 — share price is equal to or greater than $2.00 per share for a period of at least 20 c
- $5.0 million — oing share repurchase program for up to $5.0 million of the currently outstanding shares of
- $4.2 million — Report, a total of up to approximately $4.2 million remains available under the repurchase
Filing Documents
- useg20240321_8k.htm (8-K) — 34KB
- ex_642810.htm (EX-10.1) — 70KB
- ex_642811.htm (EX-99.1) — 16KB
- getimage.jpg (GRAPHIC) — 6KB
- 0001437749-24-008775.txt ( ) — 280KB
- useg-20240319.xsd (EX-101.SCH) — 3KB
- useg-20240319_def.xml (EX-101.DEF) — 11KB
- useg-20240319_lab.xml (EX-101.LAB) — 15KB
- useg-20240319_pre.xml (EX-101.PRE) — 11KB
- useg20240321_8k_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On March 19, 2024, the Board of Directors of the Company authorized and approved an extension of the ongoing share repurchase program for up to $5.0 million of the currently outstanding shares of the Company's common stock originally approved by the Board of Directors on April 26, 2023, and set to expire on June 30, 2024. Subject to any future extension in the discretion of the Board of Directors of the Company, the repurchase program is now scheduled to expire on June 30, 2025, when a maximum of $5.0 million of the Company's common stock has been repurchased, or when such program is discontinued by the Board of Directors. As of the date of this Report, a total of up to approximately $4.2 million remains available under the repurchase program for future repurchases. Under the stock repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases are expected to be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934 (the " Exchange Act ") and other applicable laws and regulations. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and othe
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1* U.S. Energy Corp. Form of Restricted Stock Grant Agreement – Ryan L. Smith (170,000 shares grant – March 19, 2024) (2022 Equity Incentive Plan) 10.2 U.S. Energy Corp. Form of Restricted Stock Grant Agreement (2022 Equity Incentive Plan) (1) 99.1* Press Release dated March 21, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) * Filed herewith. (1) Filed on September 2, 2022, as Exhibit 4.3 to the Company's Registration on Form S-8 and incorporated herein by reference (File No. 333-267267).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. U.S. ENERGY CORP. By: /s/ Ryan Smith Ryan Smith Chief Executive Officer Dated: March 21, 2024